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Eagle Boys proves tasty meal in Restaurant Brands' acquisition

By Aimee McClinchy

Thursday 20th April 2000

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After weeks of speculation listed fast-food operator Restaurant Brands, the owner of Pizza Hut, has announced it is to acquire independent chain Eagle Boys in a $28.3 million deal.

The outlets will be rebranded as Pizza Hut. Market gossip had focused on offshore chains such as the $US1.2 billion chain Domino's, which has a strong presence in Australia and has set a date to expand here.

Restaurant Brands' chief executive Jim Collier last week consistently denied Restaurant Brands was involved.

But the announcement will now see Pizza Hut double in size to a turnover of $80 million, and control more than 80% of the $100 million home-pizza delivery market.

Eagle Boys had recently claimed the number one spot with 53 stores and a turnover of $41 million ahead of Pizza Hut's $40 million last year.

The deal is dependent on completion of due diligence and final agreements with Tricon, Pizza Hut's international owner, and Eagle Boys Australia, and finalisation of agreements for the purchase of the franchised Eagle Boys stores.

Christchurch-based Eagle Boys operates under a master franchise bought from the Australian company. The Eagle Boys' stores will be rebranded between May 1 to November and converted to delivery/takeaway outlets (delcos).

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